Trend Commandments: Trading for Exceptional Returns

Hardcover | June 14, 2011

Do you ever think the stories you hear about great trading, and the gains produced, sound like luck? Do you ever wonder if there is a real method and philosophy behind the success stories? The concepts condensed into Trend Commandments were gleaned from Michael Covel's 15 years of pulling back the curtain on great trend following traders. It is a one of a kind money making experience that forever lays to rest the notion that successful trading is akin to winning the lottery. Winning has a formula, as does losing. Michael Covel nails both head on. Getting rich is a fight; make no mistake about it, but at least now with Trend Commandments you have a primer that allows you to crack the code of the winners.

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Do you ever think the stories you hear about great trading, and the gains produced, sound like luck? Do you ever wonder if there is a real method and philosophy behind the success stories? The concepts condensed into Trend Commandments were gleaned from Michael Covel's 15 years of pulling back the curtain on great trend following trade...

From the Jacket

“An outstanding book for anyone who wants to become rich by trading markets. Highly recommended!” --Marc Faber, Managing Director, Marc Faber Ltd., and Editor, “Gloom Boom & Doom Report” “If you are even thinking of a career in trading, put down all the other books. Buy this one. Read it. Now you can start your career.” --Jam...

Michael Covel is the author of five books: including the international bestseller, Trend Following and his investigative narrative, The Complete TurtleTrader. Fascinated by traders that quietly generate spectacular returns, those going against the grain of investment orthodoxy, he has uncovered astonishing insights about how they think...

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Extra Content

Table of Contents

Acknowledgments 1

Ignition 3

Expectations 9

Jargon 11

Show Me the Money 15

Blowing Bubbles 25

Speculari 29

Fundamentals Are Religion 33

Everything Flows 39

Systematic Trend Following 41

Change 45

No Prediction 47

Price Action 51

Place Your Bet 55

Trading Systems 59

Trade Everything 65

Drawdown 69

Entry 73

This Way to the Egress 75

Losers Average Losers 79

Home Run 81

Robust 85

Push the Button 87

Wash, Rinse, Repeat 91

Zero-Sum 95

Crash and Burn 97

Inefficient Markets 101

Benchmark 105

Haters 109

The Root of All Evil 113

Panicky Sheep 117

IQ vs. EQ 123

Commitment 127

Decide Now 131

Science 135

Statistical Thinking 137

Aha! 143

Hero Worship 147

Buy and Hope 151

Convert 155

Oracle of Omaha 157

A Seinfeld Moment 161

Snow Job 165

Twit Me a River 169

Goldline 173

Intoxication 175

Parliament of Whores 181

Crowded House 185

Black Box 187

Lucky Monkey 189

Honest 193

Under the Radar 199

Ethos 201

Games People Play 205

Blood Hound 207

Epilogue 211

Extras 213

Surprise, Surprise, Surprise 215

Origins 221

Cheat Sheet 235

Quick Commandments 239

Bibliography 242

Endnotes 246

About Trend Following & Michael Covel 265

Index 267

Editorial Reviews

"An outstanding book [Trend Commandments] for anyone who wants to become rich by trading markets. Today, government regulations and fiscal and monetary policies are badly distorting financial markets. Covel accurately explains why, in this 'manipulated' financial environment, you should never expect markets to move as you wish or expect. Rather, disregard your fundamental beliefs and simply follow the trend. Highly recommended!" Marc Faber Managing Director, Marc Faber Ltd. Editor, Gloom Boom & Doom Report "If you are even thinking of a career in trading, put down all the other books. Buy this one [Trend Commandments]. Read it. Now you can start your career." James Altucher Managing Director, Formula Capital "Fire up the barbecue. Michael Covel skewers the sacred cows of Wall Street with tasty bite-sized bits of the truth about what it really takes to succeed in trading and life. Wide-ranging, irreverent, revealing, eminently quotable, and right on the money." Charles Faulkner Market Wizard Trading Coach "A rapidly moving, non-technical, and outside-the-box effort that smartly captures the essentials of trend following." Peter Borish Chairman and CEO, Computer Trading Corp "Michael Covel's Trend Commandments is full of practical wisdom in bite-size portions on the benefits of trend trading--written in a straightforward storytelling format. It's definitely one to add to your financial bookshelf." David Stendahl Signal Financial Group "Michael Covel is the very best at explaining the concepts of successful trend following in plain English. I'm certain you'll be a successful trader if you follow the ideas he outlines in Trend Commandments. This book (and his previous two!) are required reading for new employees in my office." Steve Sjuggerud DailyWealth "Investors have experienced two bear markets in the last decade. This has led to rising volatility, uncertainty, and investor angst. For some it has been a lost decade, but for trend traders it has been a decade of opportunity. Trend Commandments helps you focus on what matters most: the trend of the markets, whether up or down. You can profit from either. Trend Commandments is essential reading for those who have the desire to thrive and survive in an era of fast-paced trending markets." Jim Puplava CEO, Chief Investment Strategist, PFS Group "Buy and hold has been a difficult investment system for investors for a decade. In Trend Commandments, Covel challenges readers to think differently and question their beliefs about market 'truths' ingrained in them for years. Forewarned, you just may never see the world the same way again." Mebane Faber Cambria Investment Management "Covel's Trend Commandments offers a breezy rumination on what is right about trend following and what is wrong about conventional trading approaches." Jack Schwager Author of Market Wizards and Schwager on Futures series "Trend Commandments is a compelling read taking on serious issues in an entertaining format. The chapter of 'Inefficient Markets' is a must read, and I'm still laughing at the 'Intoxication' chapter--because in truth there is humor." Mark H. Melin Author of High Performance Managed Futures Director, Managed Funds, Peregrine Financial Group "Successful traders need rules and the rules in this book are better than most since they are from the most successful traders in the world. Catch my drift? To be successful you must learn and apply these rules. I rate this book a 3x--as to be read at least three times." Timothy Sykes Author of An American Hedge Fund "In Trend Commandments Covel writes, 'Golf Legend Jack Nicklaus is famous for saying: 'Don't be too proud to take a lesson. I'm not. Learn the fundamentals of the game and stick to them.' Every beginning or experienced trend follower should take lessons from this book and your previous books. I have been a trend follower for over 40 years and I am not too proud to take lessons." James O. Rohrbach Investment Models, Inc.